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Vela Technologies plc reported on 6 February 2025 that it learned on 5 February 2025 that Begbies Traynor was appointed as administrator to its investee company, Aeristech Limited, on 3 February 2025. Vela previously invested £350,000 into Aeristech on 25 February 2021 and holds 145,833 ordinary shares, representing less than 1% of Aeristech's issued share capital. These shares were carried in Vela's balance sheet at a value of £401,000 as of 31 December 2024.
| Date | 6 Feb 2025 |
| Time | 12:24:41 |
| Category | Corporate updates |
| ID | 2160W |
6 February 2025
Vela Technologies plc
("Vela" or "the Company")
Update re. investment in Aeristech Limited
The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early stage and pre-IPO disruptive technology investments, reports that it learned yesterday evening that, on Monday 3 February 2025, Begbies Traynor were appointed as administrators to its investee company, Aeristech Limited ("Aeristech").
On 25 February 2021, Vela announced that it had invested £350,000 at £2.40 per share into Aeristech, a UK-based manufacturer of power-dense compressors used within hydrogen fuel cells.
Vela holds 145,833 ordinary shares in Aeristech, representing less than 1% of Aeristech's issued share capital. These shares are currently carried in Vela's balance sheet at a value of £401,000 (as reported in the Company's last quarterly update for the quarter ended 31 December 2024, published by the Company on 27 January 2025).
The Board will announce any future material developments as they occur, but anticipate that the appointment of administrators will lead to Vela making a full provision against the value of its investment in Aeristech in its next published accounts (for the year ending 31 March 2025).
For further information, please contact:
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Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director |
Tel: +44 (0) 7950 389469 |
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Allenby Capital Limited (Nominated Adviser) |
Tel: +44 (0) 20 3328 5656 |
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Nick Athanas / Piers Shimwell |
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Peterhouse Capital Limited (Broker)
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Tel: +44 (0) 20 7469 0930 |
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Novus Communications (PR and IR Adviser) |
Tel: +44 (0) 20 7448 9839 |
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Alan Green / Jacqueline Briscoe |
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About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.